Latest Developments in AI and Machine Learning
The cryptocurrency market’s recent downturn may be nearing its end, according to JPMorgan’s latest research. Analysts for the American bank estimate that most long-position liquidations have been completed, as indicated by the open interest in Bitcoin (BTC) futures contracts on the Chicago Mercantile Exchange (CME). Open interest, which refers to active futures contracts, can be used as an indicator of market sentiment and the strength of price trends.
The decline in Bitcoin’s open interest is seen as a sign that the current price trend could be weakening, according to analysts. “As a result, we see limited downside for crypto markets over the near term.”
The downtrend in crypto prices has been attributed to declining optimism around regulatory developments in the United States. On Aug. 26, Bitcoin is trading close to $26,000, down 11.27% over the past 30 days, according to Cointelegraph Markets.
The latest news on AI and machine learning is encouraging, with Microsoft Open AI, Fetch AI, C3.ai, and AI.Marketing all making progress. Even the US AI ranking has seen a boost, with AI Delas Alas leading the way. Investors are also keeping an eye on the latest AI stock prices.
Latest Developments in Crypto Markets
The past few months have seen a surge in Bitcoin’s price due to various positive developments. These include the applications for the first U.S. exchange-traded funds (ETFs) linked to Bitcoin’s spot price, submitted by big names such as BlackRock, Fidelity, ARK Investments and 21Shares. Ripple Labs’ partial win against the United States Securities and Exchange Commission (SEC) was another cause for optimism.
However, the analysis suggests that this optimism is fading as traders await decisions on Bitcoin ETFs and the SEC’s appeal against Ripple brings renewed uncertainty, contributing to a “new round of legal uncertainty” for crypto markets. External market conditions such as the rising U.S. real yields and concerns about China’s economic growth are also playing a role in the decline of the crypto market.
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